President Joe Biden on Thursday announced that he and a bipartisan group of 10 senators struck a $579 billion deal on infrastructure that includes $109 billion for roads, bridges and major projects. Combining the new spending outlined in the framework with baseline spending, the deal is worth $973 billion over five years and $1.2 trillion over eight years.
Overall, the Bipartisan Infrastructure Framework would provide $312 billion for transportation projects and another $266 billion for other infrastructure projects, such as water infrastructure, broadband, environmental projects and more.
Roads and bridges get the biggest slice of the pie, $109 billion. The framework also provides $11 billion for safety, $7.5 billion for electric vehicle infrastructure and $16 billion for ports and waterways. Other funding is allocated to public transit, passenger and freight rail and airports.
The Biden administration said the framework would be financed through “closing the tax gap, redirecting unspent emergency relief funds, targeted corporate user fees, and the macroeconomic impact of infrastructure investment.”
The deal will need to pass the House and Senate before returning to Biden’s desk to be signed.
Original article provided by: https://www.ccjdigital.com/business/article/15066232/biden-senators-reach-579-billion-infrastructure-deal
